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Mexico’s state-owned national oil company Petróleos Mexicanos (Pemex) announced earlier this year that it plans to significantly reduce crude petroleum exports in 2022 and phase out crude exports altogether by the end of 2023. The news was reported widely in domestic and international media. We have criticized President Andrés Manuel López Obrador (AMLO) in this space, but in fairness we must acknowledge that he is clearly not afraid to launch bold and decisive new public policy initiatives, for better or worse. We continue to question, however, whether many of them are a good idea. Continue reading Mexico goes all-in on refining →